We The People

Looks to me that Apple is single-handedly holding up the stock market. It’s certainly not robust growth in the U.S. or Europe, or the promise
of another bailout in Greece.

Although I must say the Greek bailout isn’t bailing out the Greeks, it is bailing out the Greeks’ creditors. Little if any of the supposed bailout money will actually find its way into the coffers of the Greek Treasury, most will go into paying down debt. Seems to me that the folks in the street have figured this out – either way, they get cut off from the gravy train. At least if the country defaults they’re free of debt and can build on something, rather than having the prospect of paying off the bankers before they get to keep anything to invest in the future.

Now I don’t know if there is a silent majority in Greece that feels a moral obligation to condemn its children and their children to paying off the German banks for Porsche Cayennes bought by other, less scrupulous Greeks who happen to have been in a position to share in the borrowed bounty. But somehow I doubt it. And unless that is the case, there’s a real black eye for democracy. The people may be wrong, but it shouldn’t matter. The whole idea of a democracy is that representatives represent, they don’t rule. They should reflect, as best they can, the views of their constituency. And if a majority of the people want to walk away from their debts, then the government should implement that.

Incidentally, this is why the U.S. is not a democracy. The founders equated representative democracy with mob rule, and went out of their way to ensure that government was an elected aristocracy – aristoi means “best men” – composed of lawmakers who would rule in the best interests of the citizenry as they saw them. Now, of course, it has gotten to the point where they rule purely in their own interests, but that’s another issue. I find the US attempts to export democracy somewhat ironic – we don’t have any to export, and as a nation don’t understand what it is, because it isn’t in our genes.

Both comments and trackbacks are currently closed.


  • r  On February 14, 2012 at 4:34 pm

    apple and a greece rumor that came out at 330 today.

    i think they are just seeing how much they can control the market. fun game.

%d bloggers like this: